# Vault Synopsis

Usual (USD0) is a decentralised fiat-backed stablecoin. Users may unlock the productive potential of USD0 by buying USD0 Liquid Bonds (USD0++), which is an enhanced 4-year DeFi T-Bill secured by locked USD0. Users may exit USD0++ at any time at the current market price.

USD0++ is designed to exceed the risk-free yield and which is liquid, composable, and backed solely by locked USD0 over a 4-year period. USD0++ not only provides a boosted yield, but also provides a stake in the Usual Protocol’s governance and future revenues.

Post pre-launch, USD0++ yield will be paid daily in $USUAL, with a guaranteed minimum return equal to the actual risk-free rate, paid in USD0. Protocol yields are distributed through the $USUAL token, which will also serve as the governance token. Through the $USUAL token, the user may benefit directly from the growth and success of the Usual protocol.

The Origami USD0++ 10x vault allows users to farm Usual yield with 5x leverage. When the user deposits USD0++, the vault will fold the effective exposure to the underlying by borrowing USDC against the USD0++ collateral in the [Morpho USD0++/USDC 86% LLTV pool](ttps://app.morpho.org/market?id=0xb48bb53f0f2690c71e8813f2dc7ed6fca9ac4b0ace3faa37b4a8e5ece38fa1a2) and swapping it for more USD0++.\
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Origami provides an estimated *implied APY* based on what users are currently paying for the USD0++ YT token on Pendle. See [here](https://docs.origami.finance/rewards#how-we-calculate-implied-apr-for-ethena-sats) for how we derive the implied APY from the Pendle YT Oracle.